Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Spreads in Venezuela

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Executive Summary

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TRENDS

Spreads are not regarded as essential products, so consumers do not hesitate to reduce the frequency of purchase when facing tight budgets. Constrained purchasing power and high inflation have forced Venezuelans to reposition their budgets, thus leaving aside most of the goods included in this category. The size of the category is very small in volume terms when compared with other Latin American countries. Venezuelans are not great consumers of honey, so when refined sugar becomes scarce, as it has been since 2016, they prefer to purchase papelón. Papelón, also known as panela in Colombia and Venezuela, is an intermediate product from sugar cane before the whitening process to turn it into refined sugar, and it is produced at the artisanal level. Still, honey is the largest category within spreads, accounting for 49% of retail volume sales.

COMPETITIVE LANDSCAPE

Given that honey accounted for 61% of retail value sales of spreads in 2017, artisanal producers led spreads with a 40% share in 2017. In 2017, the most important players in jams and preserves, the second largest category in spreads, were Alimentos Polar (La Vienesa Mermelada) and Alimentos Nina (Nina) with a combined 16% share of retail value sales in spreads in 2017. Their nationwide presence and wide flavour ranges contributed to the competitive positions of both companies.

PROSPECTS

There are no signs that consumption patterns will change to increase the demand for spreads; consumption will remain occasional. Tough operating conditions and falling real incomes will remain major limitations to growth in spreads, with companies giving priority to the manufacture and development of high-penetration products.

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